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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial, but most commonly is brought through an “executory” proceeding, which operates like a nonjudicial foreclosure. In the mortgage document, the homeowner will typically have “confessed to judgment” in case of a default. The foreclosing party files a foreclosure petition with the mortgage attached, and the court summarily orders the property seized and sold unless the homeowner appeals or brings a lawsuit asking the court to stop (enjoin) the proceeding (see Ch. 7). |
| Time to respond | Notice of sale is part of the petition that is posted on the property as notice of the executory proceeding. |
| Reinstatement of loan before sale | None |
| Redemption after sale | None |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | La. Rev. Stat. Ann. § 29:315 |
| Deficiency judgments | Yes; can be gotten in an ordinary proceeding, or in an executory proceeding if the property has been properly appraised |
| Cash exempted in bankruptcy | None |
| Notice to leave after house is sold | Sheriff may seize property after receiving writ of seizure and sale from the court. No notice required. La. Code Civ. Proc. Ann. Art. 2721 |
| Foreclosure statutes | La. Code Civ. Proc. Ann. Arts. 3721 to 3753, 2631 to 2772 |